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IDB supports creation of Pacific Alliance Venture Capital Fund

Call for expressions of interest for the selection of the Fund Manager

The Inter-American Development Bank (IDB), through its Multilateral Investment Fund (MIF), is supporting the creation of the Pacific Alliance Venture Capital Fund. The Pacific Alliance is a regional integration initiative made up of Chile, Colombia, Mexico and Peru. The Fund, to be capitalized with up to $100 million, is intended to facilitate financing and investment for small and medium-sized enterprises (SMEs) and their business models, and is aimed at contributing to their growth and competitiveness and ensuring that they benefit from the opportunities presented by the Alliance. The Fund will be capitalized by investment from the countries making up the Alliance, the MIF and the private sector.

The Fund will provide financing to companies operating across the region that are either starting up or scaling up, promoting human capital mobility among the businesses as they develop. The Fund will also provide smart capital to firms in a number of high-impact sectors, such as Information and communications technology, life sciences, applied engineering services, biotechnology, and any sector that applies technology to traditional industries (advanced manufacturing), agribusiness, health, education, mobile finance, and renewable energy, among others.

Firms–ideally from member countries of the Alliance and with proven experience in the region--are invited to submit expressions of interest for the selection of the Fund Manager, with responsibility for legal and operational aspects of the Fund´s establishment, among other duties. The selection will be made by each country´s specialized agencies together with the IDB/MIF.

Expressions of interest (see details here) may be submitted from March 30 until May 15, 2016.

About the IDB

The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source oflong-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.

About the Multilateral Investment Fund

The Multilateral Investment Fund is the innovation lab for the Inter-American Development Bank Group. It conducts high-risk experiments to test new models for engaging and inspiring the private sector to solve economic development problems in Latin America and the Caribbean. The MIF addresses poverty and vulnerability by focusing on emerging businesses and smallholder farmers with the capacity to grow and create economic opportunities.

About the Pacific Alliance

The Pacific Alliance is an initiative of regional integration comprised by Chile, Colombia, Mexico and Peru, officially established on April 28, 2011. With a market of around 216 million people with an average GDP per capita of $9,910, the Pacific Alliance is a suitable platform to encourage joint ventures. It provides opportunities for foreign investments and is open to entrepreneurship and innovation in various areas.